Europa Oil & Gas (LON:EOG) has raised £1.04mln from an open offer that followed its recent £1.4mln placing.
Just over half of shareholders took up the offer at 6p.
Hugh Mackay, chief executive, said he was delighted with the response and viewed the take-up as a vote of confidence in the potential of its portfolio.
““We are actively looking to apply our expertise to new licences through our participation in the latest UK onshore licensing round, the results of which are expected in the near term, and the on-going Irish licensing round which is due to close in September 2015.
“With the majority of our corporate overheads covered by our existing production, the funds raised both via the open offer and from institutions in the recent placing will be invested in exploration activity to further unlock the value of our assets.”